Chiefs Expected To Rework Patrick Mahomes’ Deal To Create $17M Of Cap Room

Adam Schefter reports that the Chiefs are expected to restructure QB Patrick Mahomes‘ contract and convert his $21.7 million roster bonus into a signing bonus.

According to Schefter, the move should be official in the coming days and result in the Chiefs gaining around $17 million in cap space to use this offseason. 

The Chiefs have been working on getting their cap in order the past few days, which included them releasing starting offensive tackles Eric Fisher and Mitchell Schwartz. 

Once Mahomes’ restructure is official, the Chiefs will no longer be over the cap and should have around $12 or more to work with. 

Mahomes, 25, is a former first-round pick of the Chiefs back in 2017. He was in the final year of a four-year, $16.4 million contract when the Chiefs picked up his fifth-year option worth $24,837,000 for the 2021 season last year. 

However, Mahomes agreed to a 10-year extension with the Chiefs worth $503 million a few months later. 

In 2020, Mahomes appeared in 15 games for the Chiefs and completed 66.3 percent of his passes for 4,470 yards, 38 touchdowns and six interceptions. He also rushed for 308 yards and two touchdowns.